- Dogecoin’s price surged by more than 7% in the last 24 hours
DOGE’s metrics and market indicators all leaned bullish too
As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve closely monitored Dogecoin’s [DOGE] recent price surge and its bullish indicators. The memecoin’s impressive 7% increase in the last 24 hours, accompanied by favorable metrics and market indicators, has piqued my interest.
As a Dogecoin (DOGE) investor, I’m thrilled with the recent surge in our beloved memecoin’s price. This latest rally has brought DOGE to a crucial point on the charts, and if history repeats itself, we could be in for even more gains in the near future.
Dogecoin bulls are pushing hard
According to data from CoinMarketCap, DOGE‘s price experienced a significant surge of more than 5% in the previous week. Even more noteworthy, its value saw an impressive rise of over 7% within the last day. At present, the memecoin is being traded at $0.1562 and boasts a market capitalization exceeding $22.5 billion.
A well-known crypto analyst from World of Charts recently shared on Twitter that Dogecoin’s daily chart exhibits a bullish falling wedge pattern. Due to the recent price surge, there is a strong possibility that Dogecoin will soon break above this trendline, potentially leading to more significant gains. According to the analysis in the tweet, such a breakout could cause Dogecoin’s price to reach around $0.3 within the upcoming weeks.
After examining Santiment’s data, AMBCrypto determined if the metrics indicated a potential breakthrough for DOGE. Based on our assessment, the memecoin’s MVRV ratio showed improvement. The Dogecoin market also experienced a shift in investor sentiment, as evidenced by its rising weighted sentiment. This signified that optimistic views dominated the Dogecoin community.
Additionally, DOGE‘s open interest rose in tandem with its price increase. A surge in open interest often implies that the current price trend is likely to persist.
Dogecoin’s upcoming targets
After examining Dogecoin’s daily chart, we looked for signs of optimism based on technical indicators. The MACD (Moving Average Convergence Divergence) line showed a bullish crossover, while the RSI (Relative Strength Index), which was at 52.7 at the time of checking, sat comfortably above the neutral threshold of 50.
Another bullish indicator was the Chaikin Money Flow (CMF), as it registered an uptick.
As a crypto investor, I’ve been closely monitoring DOGE‘s price action and based on the indicators I’m observing, it seems likely that this cryptocurrency could break out of its current bull pattern. If this happens, there’s a good chance DOGE could reach a price of $0.3.
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
If the bull market persists, DOGE‘s price may reach $0.16 initially, since significant liquidations occurred near that price point during the previous time DOGE touched it. It is crucial for DOGE to surpass this level first, as high levels of liquidations can trigger price pullbacks.
Moving northward, the price of DOGE could reach between $0.166 and $0.17. Breaking past this range might pave the way for DOGE to advance toward $0.3.
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2024-05-16 16:07